Airbnb VS traditional rental?
Hello All,
I own a condo (studio) in Southern California that I have been renting out for the last year and it provides $50 a month cashflow (this was initially purchased as a primary residence). I had the fortune of having a good tenant who has paid on time consistently. However, his lease is up in January. That being said, I would like to continue to rent it out, but feel I could potentially make more if I rent it as an Airbnb.
Has any one done this before? I need to make sure I can at least cover my monthly mortgage payments, but I am not sure how I can calculate this since I have no way of knowing how many people will be interested in renting it.
Any advice would be very appreciated.
GB